ROGERSTONE, UK -- TT Electronics said full-year profits fell 37% on weaker volumes, especially for its automotive components.

For the year ended Dec. 31, the pretax profit before exceptional items was 21.1 million points ($29.5 million). Revenue rose 7.2% to 584.3 million pounds, boosted by foreign exchange and acquisitions. Organic revenue was down 1.7%.

About 40% of TT's revenue came from automotive sales, and the company is trying to lower its exposure to that market to 25 to 30%.

TT, which has laid off 1,295 workers since 2008, said it would fire more staff than previously announced in January, and has implemented short-time working and temporary shutdowns across a number of sites.